US to announce new sanctions against Russia within 24 hours, says Treasury Secretary Scott Bessent

The United States will unveil a new wave of sanctions targeting Russia within the next 24 hours, Treasury Secretary Scott Bessent said on Wednesday (22 October), marking a “significant increase” in measures aimed at increasing economic pressure on Moscow. Speaking to reporters at the White House, Bessent said the announcement could come “after the close of business this afternoon or first thing tomorrow morning.” “We are going to announce either after the close this afternoon or first thing tomorrow morning a significant increase in Russia sanctions,” Bessent said. The upcoming sanctions are expected to target sectors related to Russia’s defense, finance and energy industries. The move underscores Washington’s continued effort to limit the Kremlin’s ability to maintain its military operations in Ukraine. The Biden administration — and now the Trump administration since January — has maintained and expanded several rounds of sanctions since Russia’s invasion of Ukraine in February 2022, focusing on trade restrictions, asset freezes and technology export bans. Bessent did not specify the scope or targets of the new measures. This round is expected to build on existing financial restrictions and further isolate Russian entities from global markets. EU approves 19th package of sanctions against Russia European Union member states approved a 19th package of sanctions against Russia over its war in Ukraine, including a phased ban on imports of Russian liquefied natural gas (LNG), the Danish rotating presidency of the EU announced on Wednesday (22 October). “We are very pleased to announce that we have just been informed by the remaining member state that it can now lift its reservation on the 19th sanctions package,” the Danish presidency said in a statement. Slovakia lifts holdouts after securing insurance. Prime Minister Robert Fico asked for assurances from the European Commission on high energy prices and flexibility to align the EU’s climate goals with the needs of carmakers and heavy industry. After Slovakia’s approval, the presidency confirmed that “a written procedure for approval by the Council has been launched. If no objections are received, the package will be adopted by 08:00 tomorrow” LNG import ban to be rolled out in two phases The sanctions package introduces a ban on Russian LNG imports in two phases. Short-term contracts will end within six months, while long-term contracts will end from January 1, 2027. The timeline accelerates the European Commission’s roadmap by a year, moving the EU closer to ending its dependence on Russian fossil fuels. Additional measures on diplomats and shadow fleet The new package also includes travel restrictions on Russian diplomats and expands the blacklist of Moscow’s so-called shadow fleet – tankers used to evade oil sanctions. An additional 117 vessels were added, bringing the total to 558. The latest measures underscore the EU’s ongoing efforts to step up economic pressure on Moscow as the war in Ukraine enters its third year. This is a developing story. Please check back for updates